First National Bank - Emporium, PA

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3255
Charter Number: 3255
Start Date: *
Location: Emporium, Pennsylvania (41.511, -78.235)

Metadata

Model: gpt-5-mini
Short Digest: 818f0af2

Response Measures

Full suspension

Receivership Details

Depositor recovery rate: 45.0%
Date receivership started: 1932-09-24
Share of assets assessed as good: 13.0%
Share of assets assessed as doubtful: 68.8%
Share of assets assessed as worthless: 18.3%

Description

Article (Dec 28, 1933) reports that discovery of embezzlement by a bank clerk (Miss Ruth G. Wheeler) prompted depositors to run on the First National Bank at Emporium, and the bank finally closed its doors. Exact dates of the run and closing are not given; sentencing mentions a June 28 guilty plea but does not date the run/closure. No mention of reopening or receivership in the excerpt.

Events (4)

1. October 7, 1884 Chartered

Source: historical_nic

2. September 24, 1932 Receivership

Source: historical_nic

3. * Run

Cause: Bank Specific Adverse Info
Cause Details: Discovery that Miss Ruth G. Wheeler, a bank clerk, embezzled approximately $19,000 over five years; when discovered depositors ran.
Newspaper Excerpt: when they were discovered the depositors made run on the bank.
Source: newspapers

4. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed permanently following the run triggered by the clerk's embezzlement; article states the bank finally closed its doors.
Newspaper Excerpt: depositors made run on the bank, which finally closed its doors.
Source: newspapers

Newspaper Articles (1)

1. December 28, 1933 The Tribune Scranton, PA

Article from The Tribune, December 28, 1933

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Article Text

Weather Bureau Furloughs Starr Cut in Appropriation Reduces Roster Victor P Starr. junior observer at the local S. Weather bureau, completed this services in this city yesterday and will leave today for his home in Long Island He leaves the services because of a reduction in the employmen roster which has followed the cut in the bureau's annual appropriation Those with long service and dependents are being given Starr may return to Penn State college to continue his studies. He came to this city two and one-half years ago Pierce Rosenberg. Philadelphia, will succeed Starr here on Jan. 2. Bank Clerk Sentenced ForEmbezzling$ 19,000 Miss Ruth G. Wheeler, who pleaded guilty on June 28 to embezzling approximately $19 000 from the First National bank at Emporium was sentenced yesterday by U. S. Judge Albert L. Watson to spend two years at the federal women's prison at Alderson, W. Va. Miss Wheeler's speculations extended over period of five years and when they were discovered the depositors made run on the bank. which finally closed its doors. When she pleaded guilty doctors said that was on the verge of collapse Miss Wheeler was clerk at the bank.